Lion One Metals Limited

TSX VENTURE : LIO
FRANKFURT : LY1
OTCQX : LOMLF
ASX : LLO


Lion One Metals Limited

July 15, 2013 09:30 ET

Lion One Intersects 14.28 g/t Gold over 9.95m and 8.40 g/t Gold over 4.39m at the Tuvatu Gold Project, Fiji

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Lion One Metals Limited (TSX VENTURE:LIO)(FRANKFURT:LY1)(OTCQX:LOMLF)(ASX:LLO) ("Lion One" or the "Company") is pleased to announce results for four diamond drill holes from its ongoing drilling program at the Tuvatu Gold Project in Fiji. Results for the latest holes confirm the high grades, widths, and continuity of mineralization west of the main Tuvatu resource zone (Tuvatu West). To date the latest holes are the westernmost exploratory holes drilled at Tuvatu. Mineralization remains open along strike and down dip. Assays are pending for a further four holes currently being drilled. To view a version of the news release with maps please visit the Company website at http://www.liononemetals.com/i/pdf/news/2013-07-15_NR.pdf

Drill highlights reported today include:

Hole ID True Width (m) Grade (g/t Au) From (m depth)
TUDDH 371 9.95 14.28 185.69
TUDDH 371 1.09 38.38 203.68
TUDDH 373 4.39 8.46 99.55
including 0.75 28.27 105.46

Updated Resource Estimate Planned

Current drilling at Tuvatu West is focused on east-west trending structures that cross-cut the main Tuvatu mineralized zone, and extends the mineralized zone at Tuvatu for at least a further 500 meters along strike. The Company plans to continue the evaluation of this area, and will undertake a new resource estimate following the completion of the current drill program. Results received to date are consistent with historic results reported by Emperor Gold Mines on the same area in the late 1990's.

Historic drill results, provided for reference, include:

Hole ID Interval (m) Grade (g/t Au) From (m depth)
TUDDH 228 3.54 29.17 209.26
TUDDH 223 3.05 16.95 18.25
TUDDH 227 2.70 21.85 103.60
TURC 205 4.00 10.39 76.0
TURC 204 15.00 6.58 18.0
TURC 174 9.00 43.22 49.0

Tuvatu Project Environmental and Permitting Progress

The Company also wishes to report that it has filed its Environmental Impact Assessment (EIA) and Mining Lease application for Tuvatu with the Mineral Resources Department of Fiji (the "MRD"). The permitting process continues in tandem with ongoing community consultations and landowner meetings.

Table 1: Diamond Drill Hole Results
Interval Depth
Drill
Hole ID
From
(m)
To
(m)
Interval
(m)
True
Width (m)
Intersection
Grade (g/t Au)
Lode
TUDDH 371 42.6 44.25 1.65 1.07 1.41 Murau 2
47.04 47.78 0.74 0.48 0.79 Murau 2
49.5 50.53 1.03 0.67 2.22 Murau 2
52.46 53.33 0.87 0.57 1.79 Murau 2 FW
90.5 91 0.5 0.33 1.06 NE SW Cross
107.02 108 0.98 0.64 0.76 NE SW Cross
110.05 110.46 0.41 0.27 0.64 NE SW Cross
146.34 147 0.66 0.44 2.16 West 3 HW
152 153 1 0.67 1.27 West 3 HW
164.34 165 0.66 0.44 0.61 West 3
169.31 169.94 0.63 0.64 2.49 West 3
171.67 172.73 1.06 0.71 0.98 West 3
174.59 175.08 0.49 0.33 2.11 West 3
183.68 184.09 0.41 0.27 0.77 West 3
185.69 200.68 14.99 9.95 14.28 West 3 FW
203.68 205.31 1.63 1.09 38.38 West 2
207 207.68 0.68 0.46 1.65 West 2
219 219.42 0.42 0.28 1.38 West 1
TUDDH 372 95.66 96.51 0.85 0.55 0.67 Murau 2 FW
98.57 101.16 2.59 1.66 0.72 West 3 HW
150.34 150.76 0.42 0.27 0.55 West 3
165 165.49 0.49 0.32 0.68 West 2
183.08 183.56 0.48 0.31 1.96 West 1
TUDDH 373 40.23 40.67 0.44 0.27 0.57 Murau 1
99.55 106.68 7.13 4.39 8.46 West 2 HW
including 99.55 100.4 0.85 0.52 26.23 West 2 HW
and 102 102.7 0.7 0.43 9.27 West 2 HW
and 105.46 106.68 1.22 0.75 28.27 West 2 HW
110.72 112.26 1.54 0.95 2.06 West 2 HW
189.11 190.62 1.51 0.93 0.57 West 1
TUDDH 374 12.47 13 0.53 0.37 0.54 West 2
26.27 27 0.73 0.52 14.9 West 2
29.86 30.2 0.34 0.24 1.63 West 2
89.1 90.1 1 0.71 1.41 West 1
90.5 91.66 1.16 0.82 0.53 West 1
108.78 109.96 1.18 0.83 1.49 Snake
Table 2: Drill Hole Collar Coordinates
UTM Co-ordinates
Drill Hole Dip Azimuth E N Depth
TUDDH 371 -72 360 1875877 3920650 393
TUDDH 372 -70 360 1875841 3920678 351
TUDDH 373 -72 360 1875837 3920718 240
TUDDH 374 -65 360 1875859 3920754 150.1

About the Tuvatu Gold Project

The Tuvatu Gold Project is located in Fiji, on the margins of the Navilawa Caldera, along the Viti Levu Lineament; a mineral belt hosting Fiji's known gold deposits. The Navilawa Caldera is a volcanic intrusive complex with a geological setting bearing many similarities with the adjacent Tavua Caldera, which hosts Fiji's largest gold deposit and oldest operating gold mine at Vatukoula. The Fijian Islands themselves are situated along the Pacific Islands Arc, the host of a number of major deposits that include the Lihir, Porgera, Ok Tedi, and Wafi-Golpu gold deposits in PNG.

The Tuvatu Gold Project contains an indicated mineral resource of 172,000 oz. Au (760,000 tonnes at 7.05 g/t Au) and an inferred mineral resource of 480,000 oz. Au (2,618,000 tonnes at 5.71 g/t Au). (See Technical Report and Resource Estimate on the Tuvatu Gold Property, Viti Levu, Fiji dated December 15, 2010).

Technical Information and Qualified Persons

The assay analyses performed during Lion One's drilling programs are subject to a formal quality assurance and quality control (QA/QC) program. Diamond drill core was logged and sampled on site at Tuvatu by Company staff with samples delivered by the Company to the facilities of Australian Laboratory Services (ALS) Pty. Ltd., an independent accredited analytical laboratory. Samples are first prepared and crushed at the ALS facility in Suva, Fiji, before being shipped to Brisbane, Australia for assay analysis. Samples are subjected to fire assay with atomic absorption finish for gold and 33 elements, four acids, and Inductively Coupled Plasma Spectrometry (ICP-AES). Standard reference materials, blanks, and field duplicates samples are inserted prior to shipment from site to monitor the quality control of the data. Samples with higher grade gold (greater than 3 grams per tonne) are reassayed using a gravimetric and/or pulps and metallic procedure. The Company's exploration team planned and executed the 2013 drilling program under the supervision of Lion One's Tuvatu Project Manager, Mr. David Pals. The content of this news release has been reviewed by Mr. Darcy Krohman, P.Geo, a Qualified Person for the purposes of National Instrument 43-101.

The information in this report that relates to Mineral Resources is based on information compiled by Mr. Stephen Mann, who is a Member of the Australian Institute of Mining and Metallurgy (AUSIMM). Mr. Mann has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which the Company is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Mann is a director of Lion One Metals Limited and consents to the inclusion of the information in this announcement in the form and context in which it appears.

On Behalf of the Board of Directors,

Hamish Greig, Director, Vice President

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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